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Australian (ASX) Banks Industry Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.4%
  • 3M-6.2%
  • 1Y3.6%
  • YTD-3.0%

The Banks industry has stayed flat over the last week. The past year has been better, since the industry has gained 3.6% in that time. Looking forward, earnings are forecast to grow by 5.2% annually.

Industry Valuation and Performance

Has the Australian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026AU$639.4bAU$96.7bAU$30.3b18.8x21.1x6.6x
Sun, 28 Dec 2025AU$658.6bAU$96.7bAU$30.3b19.2x21.7x6.8x
Tue, 25 Nov 2025AU$634.1bAU$96.8bAU$30.3b18.3x20.9x6.6x
Thu, 23 Oct 2025AU$553.7bAU$74.0bAU$24.5b16.3x22.6x7.5x
Sat, 20 Sep 2025AU$660.2bAU$95.6bAU$31.7b14.9x20.8x6.9x
Mon, 18 Aug 2025AU$644.8bAU$95.4bAU$32.1b15.2x20.1x6.8x
Wed, 16 Jul 2025AU$646.5bAU$94.6bAU$31.8b15.2x20.3x6.8x
Fri, 13 Jun 2025AU$642.3bAU$94.6bAU$31.8b15x20.2x6.8x
Sun, 11 May 2025AU$601.3bAU$94.6bAU$31.8b13.8x18.9x6.4x
Tue, 08 Apr 2025AU$534.8bAU$93.3bAU$31.7b11.7x16.9x5.7x
Thu, 06 Mar 2025AU$578.8bAU$93.3bAU$31.7b12.7x18.3x6.2x
Sat, 01 Feb 2025AU$617.2bAU$92.5bAU$31.4b14.2x19.6x6.7x
Mon, 30 Dec 2024AU$592.5bAU$92.5bAU$31.4b13.7x18.8x6.4x
Wed, 27 Nov 2024AU$602.7bAU$92.5bAU$31.4b13.7x19.2x6.5x
Fri, 25 Oct 2024AU$581.3bAU$91.8bAU$31.6b12.8x18.4x6.3x
Sun, 22 Sep 2024AU$591.1bAU$91.8bAU$31.5b12.7x18.7x6.4x
Tue, 20 Aug 2024AU$558.0bAU$91.7bAU$31.3b12.6x17.8x6.1x
Thu, 18 Jul 2024AU$544.7bAU$91.7bAU$31.6b11.4x17.2x5.9x
Sat, 15 Jun 2024AU$512.7bAU$91.6bAU$31.8b10.4x16.1x5.6x
Mon, 13 May 2024AU$495.8bAU$91.7bAU$31.8b10.7x15.6x5.4x
Wed, 10 Apr 2024AU$501.1bAU$92.5bAU$32.7b11.1x15.3x5.4x
Fri, 08 Mar 2024AU$502.4bAU$92.5bAU$32.7b10.8x15.4x5.4x
Sun, 04 Feb 2024AU$474.3bAU$92.8bAU$33.2b8.3x14.3x5.1x
Tue, 02 Jan 2024AU$454.6bAU$92.8bAU$33.2b8.1x13.7x4.9x
Thu, 30 Nov 2023AU$420.0bAU$92.8bAU$33.2b7.9x12.7x4.5x
Sat, 28 Oct 2023AU$411.9bAU$91.0bAU$32.5b7.8x12.7x4.5x
Mon, 25 Sep 2023AU$420.1bAU$91.0bAU$32.6b8.1x12.9x4.6x
Wed, 23 Aug 2023AU$411.4bAU$91.0bAU$32.6b8.4x12.6x4.5x
Fri, 21 Jul 2023AU$431.1bAU$91.0bAU$32.4b8.3x13.3x4.7x
Sun, 18 Jun 2023AU$403.6bAU$91.0bAU$32.4b8.2x12.5x4.4x
Tue, 16 May 2023AU$406.4bAU$91.0bAU$32.4b8.1x12.5x4.5x
Thu, 13 Apr 2023AU$417.2bAU$89.2bAU$31.5b9.7x13.2x4.7x
Sat, 11 Mar 2023AU$413.3bAU$88.9bAU$31.4b8.6x13.2x4.6x
Mon, 06 Feb 2023AU$463.2bAU$87.6bAU$30.9b10.9x15x5.3x
Price to Earnings Ratio

15x


Total Market Cap: AU$463.2bTotal Earnings: AU$30.9bTotal Revenue: AU$87.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Banks Industry Price to Earnings3Y Average 16.8x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 21.1x which is higher than its 3-year average PE of 16.8x.
  • The 3-year average PS ratio of 5.7x is lower than the industry's current PS ratio of 6.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 3.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Australian Financials industry?

AU Market0.64%
Financials-0.30%
Banks-0.43%
Regional Banks-0.40%
Diversified Banks-0.43%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 29.2x.
    • Analysts are expecting annual earnings growth of 25.0%, which is higher than its past year's earnings decline of 8.1% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 16.8x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 8.1% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NAB National Australia BankAU$43.372.4%
+AU$3.1b		8.0%PB2.1x
ANZ ANZ Group HoldingsAU$36.701.4%
+AU$1.5b		19.9%PB1.6x
WBC Westpac BankingAU$38.820.2%
+AU$273.2m		15.1%PB1.8x
BOQ Bank of QueenslandAU$6.790.1%
+AU$6.6m		-2.6%PB0.8x
BBC BNK BankingAU$0.283.6%
+AU$1.2m		-6.6%PB0.3x

Latest News

BOQ
AU$6.79
Bank of Queensland
7D
0.1%
1Y
-2.6%
BEN
AU$10.97
Bendigo and Adelaide Bank
7D
-1.0%
1Y
-19.3%

BEN: Future Returns Will Balance Share Pullback Opportunity And Execution Risks

Analysts have lifted their price target on Bendigo and Adelaide Bank to about A$10.49 from A$10.43, citing updated assumptions on revenue growth, the discount rate and future P/E, as well as recent Street research that views the latest share pullback as creating an attractive entry point. Analyst Commentary Recent Street commentary on Bendigo and Adelaide Bank has shifted more constructive, with a higher price target of A$11.32 and the recent share pullback framed as a potentially appealing entry point for long term investors who are comfortable with the risks.
ANZ
AU$36.70
ANZ Group Holdings
7D
1.4%
1Y
19.9%

ANZ: Regulatory Penalties And Earnings Assumptions Will Shape Future Performance

Narrative update on ANZ Group Holdings Analysts have lifted their fair value estimate for ANZ Group Holdings by A$0.67 to A$35.88, citing slightly lower assumed discount rates, a modest adjustment to revenue growth, a small uplift in profit margin expectations, and a higher forward P/E multiple. Analyst Commentary Recent analyst commentary on ANZ Group Holdings, while not directly referenced in the street research items provided, helps frame how the higher fair value estimate can fit into a broader debate around valuation, growth expectations, and execution risk.
CBA
AU$149.36
Commonwealth Bank of Australia
7D
-0.08%
1Y
-7.0%

CBA: Quality Earnings And Diversified Income Will Support Premium Returns

Analysts maintained their A$146 fair value estimate for Commonwealth Bank of Australia, making only minor adjustments. These include a slightly lower discount rate, marginally higher revenue growth and profit margin assumptions, and a modest reduction in the assumed future P/E to reflect updated views on earnings quality and risk.
NAB
AU$43.37
National Australia Bank
7D
2.4%
1Y
8.0%

NAB: Governance Changes And Funding Adjustments Will Steer Fairly Valued Outlook

Analysts have increased their price target for National Australia Bank to A$38.75 from A$37.99, reflecting updated assumptions around revenue growth, profit margins, the discount rate and future P/E multiples. What's in the News Shareholders approved an amendment to National Australia Bank's constitution at the AGM held on 12 December 2025, signaling updated governance settings for the company (Key Developments).
JDO
AU$1.82
Judo Capital Holdings
7D
-2.9%
1Y
-10.1%

JDO: Future Outlook Will Balance Higher Required Returns With Stable Earnings Prospects

Analysts have increased their price target for Judo Capital Holdings by A$0.04, reflecting slightly higher assumptions for fair value, revenue growth, profit margins, and future P/E. Valuation Changes Fair Value Estimate: Raised slightly from A$1.63 to A$1.67 per share.
WBC
AU$38.82
Westpac Banking
7D
0.2%
1Y
15.1%
BBC
AU$0.28
BNK Banking
7D
3.6%
1Y
-6.6%
BFL
AU$8.78
BSP Financial Group
7D
-0.1%
1Y
16.6%
MYS
AU$4.48
MyState
7D
-1.3%
1Y
-2.0%